The most recent recorded housing sales data released by the Florida Association of Realtors® for the month ended in October, 2008, indicates
Florida housing sales activity rose, compared to the same month last year.
For the second month in a row,
Florida’s existing single-family home sales rose in October 2008, with Florida Realtors® reporting a 15 percent increase in sales activity in the year-to-year comparison.
Florida condo sales activity also increased in October 2008 over last year.
Florida’s sales of existing condos statewide increased 5 percent in October 2008 in the year-to-year comparison, according to the latest housing sales data released by the Florida Association of Realtors (FAR).
FLORIDA MEDIAN HOME PRICES IN OCTOBER 2008 FALL 24% FROM YEAR AGO
While overall home sales activity in the state of Florida rose, Florida’s median sales price for existing homes in October 2008 was $169,700; a year ago, it was $222,200 for a 24 percent decrease in median price. The
Florida statewide existing condo median sales price in October 2008 was $147,600; in October 2007 it was $192,300 for a 23 percent decrease in median price. The median is the midpoint; half the homes sold for more, half for less.
ARE
NASSAU COUNTY,
FLORIDA HOME PRICES STABILIZING?
Independent housing sales data by Data Quick Real Estate News, “the real estate information experts,” indicates that the median sales price of a dwelling located in
Nassau County,
Florida increased 4.2% during the third quarter 2008, ending September 2008, as compared to the same quarter last year. This median price housing sales data is for resale single-family homes, new homes, and condos combined. Data for all areas of
Nassau County,
Florida is included, covering Bryceville, Callahan,
Fernandina
Beach, Hilliard, and Yulee. While overall number of sales transactions during the third quarter in 2008 is down drastically from last year here in
Nassau
County, the median sales price during the 3Q08 in
Nassau County,
Florida was up 4.2% from the same quarter last year, at $250,000, or a median price per square foot of $147. Data Quick is a nationwide supplier of analytics based on property data.
While the overall Nassau County data indicates a slight rise in median prices, it was not the case in Fernandina Beach zip code 32034, where the median price of a home was down 21.2% (to $285,750, or $168 per square foot) in 3Q08 compared to a year ago. Potential buyers may wish to investigate this buying opportunity for
Fernandina
Beach homes with close
Atlantic Ocean beach access, with values now coming down into much more affordable ranges.
The overall local county housing sales data is a blip of good news for area property owners who, naturally, want the downward slide in home prices to reverse itself. This data is a possible indicator that housing prices are beginning to stabilize here in
Nassau County,
Florida. But we need to see an increase in the actual number of sales transactions, and a decrease in inventory for sale, to provide support and translate into a more positive housing market trend for 2009. Much rides on whether the
U.S. government effort underway, to get credit flowing again for homes, is successful. This, combined with historically-low mortgage rates and much more affordable housing prices, may finally get home buyers who have been paralyzed with market anxiety, off the fence. (If they have a job, that is...)
It’s also worth noting that here in
Nassau County,
Florida foreclosure filing rates are relatively low, compared to most other counties in
Florida. For example, according to Realty Trac, recent foreclosure filing data for November 2008 indicates only 10 foreclosure filings in
Nassau County,
Florida – one of the lowest rates in the state of
Florida (equal to 1 foreclosure filing in every 3,170 housing units).
By comparison, in neighboring
Duval
County (home to
Jacksonville), there were 848 foreclosure property filings in November 2008, or 1 in every 447 housing units. In
St. Johns
County (home to
St. Augustine), the foreclosure filing rate was yet higher at 303 filings, or 1 in every 265 housing units. But these foreclosure filing rates in northeast
Florida counties are still much lower than areas in south
Florida, in counties such as Miami-Dade, Collier, and Broward, for example. Locally, there reportedly was far less speculative buying by investors during the real estate market boom, compared to some of these other areas of
Florida.
Also read recent blog about some positive news creeping into the media about housing, in Amelia Island Living’s social network (even a possible 2009 housing rally, according to investment guru, Jim Cramer).
